Graco (NYSE:GGG) Given New $93.00 Price Target at Royal Bank of Canada

Graco (NYSE:GGG) had its target price reduced by equities researchers at Royal Bank of Canada from $96.00 to $93.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the industrial products company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 13.65% from the company’s current price.

Several other research firms have also weighed in on GGG. Robert W. Baird reduced their target price on Graco from $88.00 to $85.00 and set a “neutral” rating on the stock in a report on Friday. DA Davidson reiterated a “neutral” rating and set a $79.00 price objective on shares of Graco in a report on Friday, September 27th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $89.25.

Graco Trading Down 0.6 %

Shares of NYSE:GGG traded down $0.51 during mid-day trading on Friday, reaching $81.83. The stock had a trading volume of 242,376 shares, compared to its average volume of 728,582. The firm has a 50 day simple moving average of $83.90 and a two-hundred day simple moving average of $82.79. Graco has a twelve month low of $70.80 and a twelve month high of $94.77. The firm has a market cap of $13.84 billion, a PE ratio of 28.34, a price-to-earnings-growth ratio of 2.88 and a beta of 0.81.

Graco (NYSE:GGG) last issued its earnings results on Wednesday, October 23rd. The industrial products company reported $0.71 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.05). The firm had revenue of $519.21 million during the quarter, compared to the consensus estimate of $538.19 million. Graco had a net margin of 23.16% and a return on equity of 22.40%. The firm’s revenue for the quarter was down 3.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.76 EPS. On average, equities analysts anticipate that Graco will post 2.98 EPS for the current fiscal year.

Institutional Investors Weigh In On Graco

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. V Square Quantitative Management LLC grew its stake in shares of Graco by 5.5% during the 2nd quarter. V Square Quantitative Management LLC now owns 2,309 shares of the industrial products company’s stock worth $183,000 after acquiring an additional 120 shares in the last quarter. Ballentine Partners LLC increased its stake in Graco by 3.1% in the 3rd quarter. Ballentine Partners LLC now owns 4,222 shares of the industrial products company’s stock valued at $369,000 after buying an additional 128 shares during the last quarter. Harbor Capital Advisors Inc. increased its stake in Graco by 7.1% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 2,031 shares of the industrial products company’s stock valued at $161,000 after buying an additional 134 shares during the last quarter. iA Global Asset Management Inc. lifted its position in Graco by 8.8% during the 2nd quarter. iA Global Asset Management Inc. now owns 1,687 shares of the industrial products company’s stock worth $134,000 after buying an additional 136 shares in the last quarter. Finally, Park Avenue Securities LLC grew its holdings in shares of Graco by 1.9% in the 1st quarter. Park Avenue Securities LLC now owns 7,490 shares of the industrial products company’s stock valued at $700,000 after acquiring an additional 139 shares in the last quarter. Institutional investors and hedge funds own 93.88% of the company’s stock.

About Graco

Graco Inc designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. The Contractor segment offers sprayers to apply paint to walls and other structures; two-component proportioning systems that are used to spray polyurethane foam and polyurea coatings; and viscous coatings to roofs, as well as markings on roads, parking lots, athletic fields, and floors.